35 Francis Place Condominium

Key facts from 35 Francis Place Condominium's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

35 Francis Place Condominium

Developer / declarant

Francis Terrace NY LLC and 35 Francis LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, Art. 1 (PAGE 3))

Assessments & dues

Not set; determined by Board at least annually based on budget (By-laws Art. VI §2 (PAGE 20))

Special assessments

Special assessments may be levied and paid in the same manner as regular assessments (By-laws Art. VI §2 (PAGE 20-21))

Collections & liens

Unpaid common charges constitute a lien on the unit; may be foreclosed when past due in accordance with New York law; Board may purchase unit at foreclosure sale (Declaration Art. 12 (PAGE 6-7); By-laws )

Reserves & fees

Board may charge a monthly fee of not more than $15 for late payment, plus interest at maximum allowed by NY from due date (By-laws Art. VI §2 (PAGE 20); Art. IX (P)

Pets

Pets are implicitly allowed (referred to in conduct rules) (By-laws Art. VIII §3 (PAGE 22) mention o)

Leasing & rentals

Yes, but subject to conditions: all unpaid common charges must be paid before leasing; Board has right of first refusal on sale (By-laws Art. X §1 (PAGE 24-25))

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for a period in excess of 24 hours (By-laws Art. VIII §6(e) (PAGE 23))

Architectural approval

Board must answer request for consent within sixty days; failure to answer within sixty days shall be deemed approval (Declaration Art. 17(c) (PAGE 8))

Maintenance

Association (common expense) (By-laws Art. III §6 (PAGE 16))

Insurance

Board shall obtain fire insurance on building including all Units and improvements, initially at least $600,000 until first meeting of Board; also public liability insurance covering Board, managing agent, and each Unit Owner (By-laws Art. VII (PAGE 21-22))

Use restrictions

Occupancy restricted to Residential Occupancy; all Units shall be used for residential purposes only (Declaration Art. 17(i) (PAGE 9); By-laws)

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in EXHIBIT B; also each Unit Owner entitled to one vote for each Unit owned (Declaration Art. 8 (PAGE 5); By-laws Art)

Amendments

Declaration amendments require vote of 80% of common interest and approval by mortgagees representing 51% of first mortgage owners; no amendment of material adverse nature to first lien mortgagees without such approval (Declaration Art. 10 (PAGE 5-6); By-laws )

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.